One of Canada’s big five banks has announced plans for a new innovation hub with the mission to spur a transformation for its digital operations.
Scotiabank has developed its own internal financial tech incubator, aptly dubbed Digital Factory. As part of the hub, the financial institution will partner with financial tech startups and providers in an effort to amp up its own online banking experience.
“We serve 21 million customers globally and their lives and expectations are changing quickly, so their banking experience must too,” said Michael Zerbs, Scotiabank executive vice president and co-head of information technology, in a statement. “Scotiabank’s Digital Factory will create an environment where our teams can be flexible, adventurous, empowered and challenged to design and deliver a game-changing customer experience. We are excited to engage top technology minds to help us deliver on that experience.”
According to Scotiabank, more than half of Canadians now use digital channels (websites, apps, etc.) to carry out their regular monthly transactions. Because of the massive and ever-growing adoption of digital banking amongst tech-savvy consumers and business users, financial institutions like Scotiabank are working to optimize their online offerings. And with Digital Factory expected to become fully operational by mid-2016, this innovation hub will focus on revamping the bank’s digital services and how they’re delivered to customers.
The hub is also projected to add 350 high-tech jobs — think user interface and experience designers, scrum masters, agile coaches and data scientists — to its office in Toronto’s downtown core.
“Through Scotiabank’s Digital Factory, we will hire in key areas to support customer-driven innovation and play a leading role in the revolution of banking,” said Kyle McNamara, executive vice president and co-head of information technology, in a statement. “Technology’s role in delivering a superior customer experience will define banking for the next five to 10 years, and we have the opportunity to create an organization that will influence how that unfolds, right here and right now.”